Ather Energy has announced its partnership with HDFC and IDFC First banks to provide financing options to its consumers. The two partnerships will allow Ather Energy clients to avail instant loans from HDFC and IDFC First banks at low-interest rates and with a maximum LTV (Loan-to-value). Ather Energy customers have preferred a 95% LTV option while choosing a financing option, with 2-3 years being the most preferred duration to repay the loan.
Ather recorded a YoY growth of 366% as they sold a total of 2,825 units in January 2022 as compared to sales numbers in January 2021. Ather Energy has witnessed a significant surge in demand for its 450 series, registering 20% m-o-m growth. The brand has installed 310+ fast-charging stations across 30 cities in India, including tier-II and tier-III cities, to ensure a hassle-free mobility experience for consumers. They currently have 29 retail stores spread across 24 cities. By March 2023, Ather has plans to expand its footprint to 100 cities, and around 150 experience centres will be set up.
Ravneet Phokela, Chief Business Officer, Ather Energy said, “Finance penetration at Ather has grown significantly over the past two years. We are confident that our partnership with HDFC and IDFC First banks will ensure ease of purchase for customers and will boost the confidence of EV enthusiasts to join the electric revolution. We will continue to partner with leading banks, NBFCs, and financial institutions to provide lucrative financing options to our consumers."
IDFC accounts for about 75% of the Ather energy consumer base. IDFC and HDFC banks both offer loans to new-to-credit customers (those with no credit history), which account for roughly 20 to 25 percent of the overall Ather customer base. This has become a critical segment since the company is expanding into Tier 2 and 3 cities.
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